Mark Stauffer

I am so glad I found the rain it has brighten my life reading blogs that make sense and some that make no sense at all. How much business do you lose each year by not contacting your old clients and ask for new business. We all need to go back to traditional sales where we actually have to do something to get something. And one of the best ways to get something is to do something creative like begging and pleading for the business just kidding. Try home buyer seminars and you can advertise on Craig's list for free and contact your counter partners and go in together and spread the word around and try to get 10-15 people to show up and work those leads. Another great idea is touch base with your past clients and offer them a mortgage review and tell them you have an awesome lender who might be able to get you a better rate or program and let your mortgage person contact them he can also talk to them and ask for business from friends and family and if he gets your clients a better rate and program who looks like the hero YOU DO.

"Both Stocks and Bonds have seen wild swings this morning, as concerns over the potential for a global recession increase.

In other news, New Home Sales came in higher than expected and the inventory of unsold homes fell to its lowest level in four years. The rest of the week is full of economic reports, but the main focus will be on Wednesday, when the Fed will likely cut the Fed Funds Rate anywhere from 50 to 75 basis points.

Currently, Mortgage Bonds are trading below an important level of support, and my sources indicate that a rate cut on Wednesday is very likely. Therefore, I recommend locking. I will continue to monitor the situation and keep you updated."

"It's Deja Vu All Over Again", said Yogi Berra...and that is what is happening again today with wild swings and high volatility for both Stocks and Bonds.

Global markets fell overnight on increasing concern that central banks around the world will not have enough ammo in their arsenals to ward off a deep recession. Stocks have now traded lower 15 out of the last 19 trading days in October. Mortgage Bonds are trading lower as large investors and hedge funds continue to unload positions ranging from Stocks to Mortgage Backed Securities in order to meet margin calls and raise cash in the wake of customer redemptions, and to keep creditors at bay.

The upcoming week is full of economic reports, but the main focus will be the Fed Meeting and Interest Rate decision on Wednesday afternoon at 2:15pm ET. At the moment, the Fed Funds Futures are pricing in the probability of a 50bp cut at 100%, however, there are rumors swirling that the Fed may even cut 75bp, bringing the Fed Funds Rate under 1%.

New Home Sales came in 2.7% higher in September than in August at 464,000 new units versus expectations of 455,000. The inventory of unsold homes fell a record 7.3% in September to 394,000, the lowest in four years. In the past year, inventories have fallen 25.4%, the biggest drop since the government began tracking the data in 1963. The median sales price fell to $218,400, down 9.1% in the past year.

Mortgage Bonds are now trading below the 100-day MA, and a Fed rate cut on Wednesday is a sure thing. Therefore, we feel it is wise to maintain a Locking bias in advance of the Fed.

Man that was a tough game for them and the defense was terrific, I went to my first game on Monday night when they played the eagles it was awesome to be at the stadium watching the cowboys. I think they will play better now and especially when Romo gets back GOOOOO Cowboys

A lot of Realtors and lenders don't have any faith in credit restoration, I want you to know it works and can be a great tool to build a pipeline in this challenging world we work in. I have been very successful in helping builders and Realtors close transactions when there was no hope for the buyer. In as little as 45 days to 6 months we can get there credit cleaned up and ready to buy a home. So how many deals are slipping through your fingers each year that could turn out to be closed transactions. I can do FHA any where in the state of Texas, and we can close transactions any where in the country. I f you are like a lot of other Realtors who run into buyers who want to buy a home but are credit challenged please send them to me I may be able save that deal for you.

On the other side if you have buyers who can buy now we have great loan options for them, the average mortgage broker is being squeezed out on the wholesale side and only the strong lenders will prevail. Our company is strong financially and we can get the loans closed on time every time. If you have someone who needs help please let me know and have a great day.